Health Care Trend Analysis Paper

write a 5 page paper on Health Care Trend Analysis: Students will select among recent or current health care trends identified by faculty. They then will research the trend using electronic or published sources and describe it in written summation and class discussion. The description must answer the following questions: What is the nature and scope of the trend? When did it emerge and why? What is its impact or importance on American health care? 
The project should be submitted in APA format, be a minimum of five pages, and use at least five scholarly references. 

Introduction #

Healthcare is one of the sectors of the economy that is highly important for economic and social development because it relates to the wellbeing of the people in society. This sector is developing day by day and contributes highly toward the betterment of society through rising spending in this sector from the GDP. The healthcare industry through changing its allocation of the resources in the industry try to improve it by offering better quality services at a lower cost to the people  (Glover, 2010).

In the United States of America, almost 17.8 percent of investment is spent on the healthcare sector from the GDP that is much higher from the other economies who spend almost 11.5 percent on health care from their GDP. This high spending in healthcare makes the US the economy that spends the highest in this sector and shows their government high concern toward healthcare improvement  (Farrell et al., 2008).

In the US the healthcare service is much costly. As the citizens in the US who don’t have any insurance have to pay the medical dues privately that is much expensive. The government only funded some of the disabled, elderly, and poor people and not have any universal healthcare program that affects numerous people. From the past many years, people in the US face a high issue because of the costly healthcare programs.

In the US, each year numerous people face personal bankruptcy because of the expensive medical bills and the health insurance cost. But the emerging trends in the healthcare industry and the government regulations support to solve these issues. The leaders of the market are trying hard to find the solutions to resolve the complex problems of the health care industry that impact the cost-effective and quality healthcare service in the US and support the health care industry in marinating the efficient services and operations, trained employees and another initiative of the healthcare like the high use of the artificial intelligence for offering quality service to patients  (Goddard, 2015).

Current health care trends their nature, scope, and reason for the development #

All over the world, healthcare is given high importance, and for its improvements, the trend of value-based care is rising (L.Lau & K.Dunn, 2018). In the medical industry, improvement in technology is one of the main trends. Among the 2018 trends in the healthcare sector, none of the things is hotter and significant than the technological and digitization of healthcare. In 2016 the worldwide market of digital health was at the value of $179.6 billion and was expected to reach $536.6 billion in 2025.

The new trends in the healthcare industry are always stimulating. From the origination of the x-ray machine in the sector to the modern system of the 3D MRI scanner all of the step forward and digital development in the healthcare raises the quality of life for billions of people. In 2018 the invention and the use of the medical applications for the mobile devices were an efficient trend (Vogenberg & Santilli, 2018)

Health care mobile applications trend #

The Apple Corporation in 2018 release the new API which allows the 3^rd party applications to access the medical records of individuals from above 500 clinics and hospitals. The application will enable the developers to invent powerful applications that were infeasible previously. Through these mobile apps development, the health providers and the patients will equally get an advantage from the easy access to the patient healthcare record (Martin, 2018).

Wearable sensors technology trends #

The wearable sensors technology is small but much helpful because they monitor and track the numerous parameters like temperature, speed, movements, blood pressure, and muscle activity. By these applications patients easily understand the reports, investigate the drug interaction, and directly communicate with their nurses and doctors that support in the improvement of the health care service and designing of the treatment plans (Vogenberg & Santilli, 2018).

Healthcare IoT #

The most effective healthcare trend is the use of IoT. Smart devices and sensors impose a significant impact on healthcare development like the other industries. It is expected that from 2022 the IoT devices in the healthcare market reached above USD 409.9 billion and in 2021 more than 40% of the IoT products and devices will be utilized in the field of medicine. The adoption of the IoT is much in the medical field that gives it the name IoMT (Martin, 2018).

This offers numerous benefits to both the doctors and the patients. It helps the staff of the hospitals to track the assets. As in the past, the hospital staff uses the different techniques to check the patient’s wristbands, IV bags, medication bottles, etc. in which chances of occurrences of errors are like most of the time patients receive the wrong treatment. But with the help of the IoMT laser scanners, no mistake occurs the right patients will attain the right treatment and medication at the right time.

It is seen that some of the patients become victims of the wrong diagnoses or flawed medication. The technology of the IoMT offers a high tech alternative for the barcode scanner. The staff in place of manually scanning the patients use the X-ray machines or the 3D MRI machines to ensure the right diagnosis of the disease. This IoMT is emerged in 2018 and is invented to resolve the wrong treatment and diagnoses issue and improves the treatment that supports better medical service (Garcia, Yang, Mongrain, Leask, & Lachapelle, 2018)

Supply chain (drug management) #

The IoMT helps in the supply chain and ensures the drug management that is the most challenging aspect of healthcare. As in one hospital each day thousands of the medications are being checked and administered this rise the chances of the error. But with the help of IoMT, this problem will be eliminated. With the IoMT devices, the alert like message or alarm will be sounded if the hospital staff takes the wrong medication or drugs into the patient room. These devices ensure that the pills have a monitoring system that ensures the high management of drugs in hospitals. The digital pill device is the first IoMT drug management device that was invented in 2017 and approved by the American Food and Drug Administration (Paglialonga, Pinciroli, & Tognola, 2019).

Big data analysis and artificial intelligence #

Among the major healthcare trend, big data and artificial intelligence is most essential. In health care the data is big, and this needs the AI to sort it effectively for making it in the form of useful information that supports better strategies and treatment policies. Artificial intelligence improves the detection of cancer that is still the major killer disease. The studies show that 95 percent of the medical software accurately identifies the skin cancer as compared to dermatologists who diagnose 86.6 percent this early detection of 8.4 percent helps to save people live in a better way. By the help of AI, the cost is also saved and it improves the diagnoses accuracy (Wang, Kung, & Byrd, 2018)

Government regulations #

The agencies of the government make the difference and produce changes in the regulatory authority of healthcare. Trump command the FDA to reduce the time they take to approve the new drugs, and also reduce the regulations for new drugs to ensure the quick supply of medicines in the market. The IRS also instructed employers to provide credible insurance plans to employees for better medical service (Vogenberg & Santilli, 2018).

The impact and importance of these trends on American Health care #

All these changing trends in the health care is highly important for the American Healthcare sector because the issue like cost, poor quality of healthcare service, late or wrong mediation and detection affect citizen of US highly. The use of the technology and the better regulations trends impose a significant positive impact on the healthcare sector of the US because by this the cost of treatment reduces and the efficiency of the healthcare service improves that ensure fast recovery and better living standards of people in the US.

Conclusion #

It is concluded that healthcare is an important sector of the economy. Its development improves the living of the people that are essential for economic development. The healthcare industry through changing their allocation of the resources in the industry try to improve it for offering better quality services at a lower cost to the people. The leaders of the healthcare market are struggling hard to discover the solutions for resolving the complex problems of the industry that impact the cost-effective and quality healthcare service in the US and invent new technologies, policies, practices, procedures, and programs, etc. that support the efficiency of the health care sector development.

In 2018 many new trends are introduces in the healthcare sector for improving its condition and resolve its current issues. These trends include the invention of the digital applications and equipment’s like a mobile app, MRI devices, IoMT, etc. the drug management like digital pill invention that alerts the staff that wrong dedication is given to the patient hospital room, big data analysis, and artificial intelligence cloud and the blockchain solutions, etc. All these trends impose a significant positive impact on the healthcare sector of the US because by this the cost of treatment reduces and the efficiency of the healthcare service improves that ensure fast recovery and better living standards of people in the US.

References

Farrell, D., Jensen, E., Bob Kocher, M., Lovegrove, N., Melhem, F., Mendonca, L., & Parish, a. B. (2008). Accounting for the cost of US health care: A new look at why Americans spend more. McKinsey Global Institute.

Garcia, J., Yang, Z., Mongrain, R., Leask, R. L., & Lachapelle, K. (2018). 3D printing materials and their use in medical education: a review of current technology and trends for the future. British Journal of Medicine, 4(1).

Glover, P. A. (2010). Health care competition, strategic mission, and patient satisfaction: research model and propositions. Health Organ Management, 627-641.

Goddard, M. (2015). Competition in Healthcare: Good, Bad or Ugly? Health Policy Management, 567-569.

L.Lau, J., & K.Dunn, M. (2018). Therapeutic peptides: Historical perspectives, current development trends, and future directions. Bioorganic & Medicinal Chemistry, 26(10), 2700-2707.

Martin, R. (2018). 5 Trends Shaping the Healthcare Industry in 2018. Retrieved from Ignite: https://igniteoutsourcing.com/healthcare/healthcare-technology-trends/

Paglialonga, A., Pinciroli, F., & Tognola, G. (2019). Apps for Hearing Healthcare: Trends, Challenges, and Potential Opportunities. Tele-Audiology and the Optimization of Hearing Healthcare Delivery.

Vogenberg, F. R., & Santilli, J. (2018). Healthcare Trends for 2018. American Health & Drug Benefits, 11(1), 48-54.

Wang, Y., Kung, L., & Byrd, T. A. (2018). Big data analytics: Understanding its capabilities and potential benefits for healthcare organizations. Technological Forecasting and Social Change, 126, 3-13.